Touchretail’s Retail Accounting Software is now MTD compliant allowing retail businesses to keep digital VAT business records and send their VAT returns to HMRC digitally.
Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software. The vast majority of businesses will need to do this for VAT periods starting on or after 1 April 2019. Businesses with a taxable turnover below the VAT threshold can also sign up for MTD for VAT voluntarily.
Retail Accounts VAT Returns – Making Tax Digital
For any VAT Return period which starts on or after 1st April 2019 you will be required to submit your VAT Return electronically. If you have a VAT Group Registration then you do not need to start doing this until the period starting on or after 1st October 2019.
Our Retail Accounts software is now available to submit your VAT Returns electronically.
Making Tax Digital - What you need to do
- Touchretail will contact all Retail Accounts users in due course with the relevant paperwork in order to install and configure the latest Retail Accounts software.
You must register yourselves with HMRC so that you can start to submit your VAT Returns electronically. Go to WWW.GOV.UK and search for ‘Use software to submit VAT Returns’. Click on ‘Sign up to use software to submit VAT Returns’ and follow the prompts. This Making Tax Digital YouTube video may also help you through this process.
Touchretail will install and setup the latest version of Retail Accounts including the additional piece of linking software to communicate with HMRC.
How to sign up for Making Tax Digital for VAT
This Making Tax Digital YouTube video can help you through the 'Sign Up' process.
To all of our Retail Accounts customers, sit back, we’ll be in touch.
More information on MTD is available here.